Can EOS Reinvention Hopes with Antelope Rebrand Succeed – Price Down 12%

Last Updated on 1 hour by cryptoevent

At the beginning, EOS was one of the most promising networks in the crypto space. It promised high transaction throughput and low fees. However, community support gradually faltered as the team behind the project failed to work towards realizing the project goals. EOS is now attempting a comeback by renaming the entire network.

The rebranding of EOS inspires hope in the community

Earlier this week, the EOS Network Foundation announced that a rebranding of the network was imminent. So did the Foundation’s CEO, Yves La Rose Approved the rebranding, with the new one sparking a slight buying frenzy for the coin as the community hoped the coin would return to its glory days where it was considered one of the best projects in the crypto market.

The foundation later said that the Antelope protocol would fork as part of the EOSIO 2.0 rebrand. The move would be a “leap to freedom” showing that the foundation intends for the network to reach new levels.

The hard fork of the code for the EOSIO blockchain is scheduled to take place on September 21st. A public launch of the Antelope Github was shared, along with a link to the new project’s website.

Earlier this year, EOS, Telos WAX and UX Network teamed up to take control of the development of EOSIO, which will be the foundation of the other blockchain. The partnership between the networks led to the creation of Antelope, a community-managed blockchain protocol.

The networks will collectively share Antelope’s underlying blockchain codebase along with a development fund that will enhance the core protocol of each share. Incentives are also focused on driving development of the core protocol.

However, despite EOS’ efforts, the buy support is yet to generate significant gains for the coin. The team’s news on Wednesday has some people buying EOS, which is up 12% over the past week. However, the excitement surrounding the rebrand fizzled, with the token falling 5.1% over the past 24 hours.

EOS conflict with Block.One

EOS was one of the most popular networks in its early days. In 2017, EOS raised $4 billion in an initial coin offering. However, the network was criticized shortly thereafter for failing to meet its roadmap. An internal conflict between the blockchain developer and the EOS Foundation has mainly hampered the success.

Led by La Rose, the EOS Foundation has been working to cut ties with Earlier this year, La Rose announced that the foundation would take legal action against for “negligence and fraud” following the 2017 ICO.

Towards the end of 2021, the EOS community voted against issuing vested EOS tokens to because failed to deliver on its promises to the community.

The rebranding could be the latest step EOS is taking to fully distance itself from, with La Rose calling it a new chapter for the network. The rebranding could encourage adoption of EOS by decentralized applications (DApps).


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